Minmet gets new cutting edge

Sunday 14 September 2003 10:21 BST

MINMET is paying up to £3.1m for the rights to a radical new way to extract gold.

The mining and exploration company is to buy Isle of Man-based European Metals and Minerals. Along with a gold mine in northern Romania, it will also get the exclusive use of EMM's pioneering technology, which can extract gold from ores and mine waste that resists processing.

Minmet is paying £2.1m for EMM with £440,000 in cash and 32.2m in shares. It is identifying sites in Europe where it can use the new process commercially.